供应链金融模式下中小企业信用风险评价及其风险管理研究  

Study on Assessment and Management of SMEs' Credit Risk under the Model of Supply Chain Finance

作　　者：范方志[1] 苏国强 王晓彦[3,4] FAN Fang-zhi;SU Guo-qiang;WANG Xiao-yan

机构地区：[1]江苏理工学院 [2]广东财经大学金融学院 [3]苏州科技大学 [4]中国人民大学

出　　处：《中央财经大学学报》2017年第12期34-43,共10页Journal of Central University of Finance & Economics

基　　金：江苏理工学院引进人才项目“影子货币对我国货币政策有效性影响的研究”(KYY16520);国家社会科学基金重大项目“全球平衡增长议题对中国贸易摩擦的影响机制研究”(09&ZD033);江苏省社会科学基金项目“汇率和货币政策叠加效应下集团公司流动性头寸选择”(15EYB012);国家社科基金一般项目“公司价值驱动的混合所有制改革效应研究”(16BJY003)

摘　　要：在当前中小企业融资难的背景下,发展供应链金融这种融资模式成为中小企业融资的重要选择之一。然而,由于供应链金融模式下的信息不对称及风险传染,中小企业存在着较大的信用风险,如何对信用风险进行评价和防控显得尤为重要。笔者在前人研究的基础上,结合互联网金融大数据的思维和数据挖掘方向筛选出了评价指标,建立了供应链金融模式下中小企业信用风险的评价体系和评价模型,采用定性与定量的分析方法评价出中小企业信用风险,发现中小企业的风险最主要还是来自于自身,因此要回归到金融服务实体经济这一本质要求来加强风险管理。在此基础上,笔者建立了银行、核心企业和中小企业的三方博弈模型,分析了供应链金融各参与主体的风险分担原则。最后,依据评价结果和博弈结论,提出了推动中小企业创新发展、建立健全社会信用体系、加强银行风险管理水平等政策建议。In the context of the current financing difficulties of SMEs,to develope the supply-chain financing model will be one of the most important options for commercial banks and enterprises,especially for the SMEs. However,due to the existence of credit risk caused by information asymmetry and risk contagion in supply chain financing model,how to evaluate and control the credit risk becomes particularly important. Based on the pioneering literatures,the paper screens out evaluation indexes and establishes the assessment system and the supply-chain financing credit risk model with the combination of the thought of internet financial data and data mining direction. By qualitative and quantitative analysis,it is found that risks of SMEs are mainly from internal factors,so this model should return to the essential requirement,that is finance serving for entity economy,to strengthen risk management. Moreover,we also have a three-player game model including banks,core enterprises and SMEs to analyze principles of risk sharing. Finally,according to evaluation results and the conclusion of the game theory,we propose some policy suggestions,such as promoting the innovation and development of SMEs,establishing and perfecting the social credit system and strengthening the ability of bank risk management.

关 键 词：供应链金融 信用风险 评价体系 风险管理 

分 类 号：F276.3[经济管理—企业管理]